Bloomberry bounces back to profitability

Bloomberry Resorts Corporation, whose subsidiaries own and operate Solaire Resort & Casino and Jeju Sun Hotel and Casino, reported a turnaround in 2022 with a consolidated net income of P5.1 billion from the net loss of P4.2 billion in 2021.
In a disclosure to the Philippine Stock Exchange, the firm said consolidated net revenue in 2022 was P38.9 billion, representing an increase of 77 percent from P22.0 billion in 2021.
Bloomberry Chairman and CEO Enrique K. Razon Jr. said, “2022 was a positive year of recovery for Bloomberry as Solaire benefited from a strong rebound in local demand across all business segments.”
“Our gaming revenues hit 84 percent of pre-pandemic levels, propelled by the domestic-focused mass table games and EGM segments where revenues have already reached 100 percent of 2019 pre-pandemic levels,” he noted.
Razon added that, “While we celebrate our success in 2022, we keep our eyes on the future as we ramp-up construction activity at Solaire Resort North in Quezon City. We are excited to launch this new offering by the first quarter of 2024.”
“These developments are encouraging as we mark Solaire’s 10th year of operations this March. We look forward to delivering even better results in 2023 and to reaching more milestones in the years to come,” he said.
In 2022, total GGR (gross gaming revenues) at Solaire surged 81 percent to P50.1 billion from P27.6 billion in 2021. Total GGR has recovered to 84 percent of the 2019 level, propelled mainly by the largely domestic mass table games and EGM (electronic gaming machines) segments.
Solaire’s VIP rolling chip volume, mass table drop, and slot coin-in were P481.7 billion, P38.0 billion, and P307.9 billion, representing year-over-year increases of 96 percent, 54 percent, and 91 percent, respectively.
All segments benefited from strong domestic demand which was supplemented by improved international visitation in the second half of the year.
VIP, mass table, and EGM GGR were P16.5 billion, P16.8 billion, and P16.9 billion, representing year-over-year growth of 144 percent, 48 percent, and 77 percent, respectively.
Of note are the GGR performances of the mass tables and EGM segments which have each reached 100 percent of pre-pandemic levels.
Solaire Korea was reopened with limited gaming capacity last October. Gaming revenue was a loss of P8.5 million for the period covering October 3, 2022 to December 31, 2022.
Consolidated contra revenue accounts for 2022 increased by 97 percent to P14.2 billion. This represents 28 percent of consolidated GGR compared to 26 percent in 2021.
Consolidated net gaming revenue for the year reached P32.2 billion, representing an increase of 72 percent from P18.7 billion in 2021.
Bloomberry reported consolidated non-gaming revenues of P6.7 billion for 2022, representing an increase of 104 percecnt from the P3.3 billion generated in the previous year.
At Solaire, non-gaming revenue for the year was P6.7 billion, representing an increase of 103 percent from 2021. Hotel occupancy in 2022 was 53.7 percent, compared to 19.2 percent in 2021.
At Solaire Korea, non-gaming revenue in 2022 increased to P48.7 million from P1.8 million in 2021.